The influence of different proportions on smoke emission of waterborne intumescent fire retardant coatings was investigated, and the formulation with low smoke was designed. A constrained formulation design method, namely random point placement method, was adopted to design and produce different proportions of the test samples. The chamber combustion method and the smoke density test method were used to test and compare the smoke generation conditions and flame retardant effects of different samples. After the establishment of math models using the softwares like SPSS and Matlab, the effects of each component on the smoke and flame retardant properties of fire retardant coatings were investigated. The results show that, within a certain range, APP has an inhibitory effect on the fire retardant coating, while PER has a promoting effect. In order to ensure the flame retardant effect of fire retardant coating at the same time, through test analysis and verification, it is determined that w(APP)∶w(PER)∶w(MEL)∶w(Epoxy emulsion)=2563%∶706%∶1425%∶5306% is an effective low smoke formula.